Duterte institutionalizes financial stability council

President Duterte issues Executive Order No. 144 institutionalizing the Financial Stability Coordination Council (FSCC).

MANILA, Philippines — President Rodrigo Duterte has issued an order institutionalizing the Financial Stability Coordination Council (FSCC), an inter-agency body that aims to enhance the health of the country’s financial system.

Duterte issued Executive Order No. 144 institutionalizing the FSCC to “strengthen the ability of the government to collectively address systemic risks which may arise in different segments of the financial market.”

Under the EO, the FSCC was tasked to formulate a macroprudential policy strategy framework that will guide its policy interventions.

Also among the FSCC’s powers and functions are to align policies, regulations and programs, and coordinate with foreign regulators on financial stability.

The FSCC’s executive committee is chaired by the Bangko Sentral ng Pilipinas governor with the Secretary of Finance, Insurance Commissioner, Philippine Deposit Insurance Corporation President and Securities and Exchange Commission as members.

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